2 downtown towers bought
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Dallas redeveloper leads partnership in purchase of historic buildings
An investor with a redevelopment track record has purchased two downtown Dallas historic buildings.
The art deco Tower Petroleum Building and the mid-century modern Corrigan Tower have previously been considered for residential conversion.
A partnership headed by Dallas investor Rita Scarfo bought the two buildings, according to Dallas County deed records.
The office towers are located on St. Paul Street between Pacific Avenue and Elm Street near the Majestic Theater.
Downtown real estate brokers say the new owners are studying development plans for the properties.
Ms. Scarfo was out of town and could not be reached for details Tuesday.
Built in 1931, the Tower Petroleum Building has been hailed as an architectural gem because of its stone and terra cotta exterior and stepped-back roofline.
The 22-story Elm Street high-rise was designed by noted Dallas architect Mark Lemmon, whose credits include the Highland Park United Methodist Church and Woodrow Wilson High School.
Constructed to house the city's oil and gas firms, the Tower Petroleum Building also was the first home for Dallas' Petroleum Club. During the 1950s, the building was remodeled to include the lobby for the Tower Theater on the ground floor.
Adjoining the petroleum building is the 17-story Corrigan Tower on Pacific Avenue. Built in 1951 by Dallas real estate tycoon Leo F. Corrigan, the building originally cost $5 million.
The brick and marble building with a tower on the roof was designed by architect Wyatt C. Hedrick, who did the Union Tower Complex and other mid-20th century buildings in Dallas.
The Corrigan Tower and Tower Petroleum Building had been marketed for sale by broker Barry Davidson.
Terms of the transaction were not disclosed.
Ms. Scarfo also owns the historic Hart Furniture buildings on Elm Street.
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